'Stranger Things' Live? Find Out Who's Involved in an Upcoming Stage Spin-Off

"A new stage play set within the world and mythology of Stranger Things" is coming to the boards, Netflix announced on Wednesday — and that's just one project the Duffer Brothers have in store

Eddie Munson (Joseph Quinn) in Stranger Things. Photo: Courtesy of Netflix

Even though Stranger Things is now barreling toward its final season, the Duffer Brothers have big plans for the franchise.

As a part of the nine-figure overall deal show creators Matt and Ross Duffer inked with with Netflix in 2019, they are working on five projects — two of which are based on the original Stranger Things TV series, according to The Hollywood Reporter.

Netflix confirmed Wednesday on Twitter that a theatrical extension of Stranger Things is in the works.

There will be "a new stage play set within the world and mythology of Stranger Things, produced by prolific and multi award-winning producers Sonia Friedman, Stephen Daldry (The Crown, Billy Elliot, The Reader), and Netflix," the streaming platform Tweeted. "Daldry will also direct."

For more on Stranger Things, listen below to our daily podcast PEOPLE Every Day.

Netflix replied to its Tweet announcing that there will also be "a live-action Stranger Things spin-off series based on an original idea by The Duffer Brothers."

They also noted that the Duffers, both 38, are re-teaming with Stranger Things writer Curtis Gwinn on a series adapted from horror legend Stephen King and Peter Straub's The Talisman — yep, that's the book Lucas (Caleb McLaughlin) was reading to Max (Sadie Sink) at the end of the season 4 finale.

The final two episodes of Stranger Things's fourth season dropped last Friday, sending viewers into a four-hour a binge as Eleven (Millie Bobby Brown) and her friends once again faced off against a world-destroying super-villain — this time, the fear-exploiting Vecna (Jamie Campbell Bower).

Frederick M. Brown/Getty

Netflix will produce and distribute the Duffer brothers' five projects, including the three outside of the Stranger Things universe: The Talisman series, a live-action TV adaptation of Japanese anime series Death Note and a new original series created by Dark Crystal: Age of Resistance duo Jeffrey Addiss and Will Matthews.

Never miss a story — sign up for PEOPLE's free weekly newsletter to get the biggest news of the week delivered to your inbox every Friday.

Seasons 1–4 of Stranger Things are currently streaming on Netflix.